SACRAMENTO, Calif., Nov. 26, 2012 /PRNewswire/ -- GridSense, an Acorn Energy (NASDAQ: ACFN) company that develops and markets advanced monitoring solutions for the electric power industry, announced the sale of an additional 200 TransformerIQ™ advanced monitoring units to a major California utility. The 200 TransformerIQ™ devices will be used to monitor and secure valuable data from overhead and underground transformers dispersed throughout the utility's residential distribution grid. The total order for 700 units is valued at over $1 million.
"This sale is the second step in the ongoing relationship we are developing with this major California utility," said Lindon Shiao, Chief Executive of GridSense. "I expect that once these orders are fulfilled, the technology deployed and the benefits proven we will have further positive interaction with this utility on their fleet of over 100,000 transformers."
About GridSense Inc. GridSense is a smart grid technology company dedicated to providing innovative, practical and cost effective monitoring solutions to the electric power industry. Utilizing in-depth industry knowledge and understanding of utility requirements, we provide technology and services that help the industry address the limitations of old and aging infrastructure. We apply experience and technical know-how with new insight and ideas to create intelligent, reliable and leading edge technologies that add value to our customers and shape the future of the modern electrical power system.
About Acorn Energy, Inc. Acorn Energy, Inc., the digital energy company, is a holding company focused on making energy better by providing digital solutions for energy infrastructure asset management. The four businesses in which we have controlling interests improve the world's energy infrastructure by making it: more secure - providing security solutions for underwater energy infrastructure (DSIT); more reliable - providing condition-based monitoring to critical assets on the electric grid (GridSense, OmniMetrix) and more productive and efficient - increasing oil and gas production while lowering costs through use of permanent ultra-high sensitive seismic tools that allow for a more precise picture of reservoirs (US Seismic). For more information visit: http://www.acornenergy.com.
Safe Harbor Statement This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in its most recent Annual Report on Form 10-K and its most recent 10-Q as filed by Acorn Energy with the Securities and Exchange Commission.
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